MGP Ingredients (NASDAQ:MGPI) Releases FY24 Earnings Guidance

02 Nov 2024, 23:10 by Teresa Graham · The Cerbat Gem

MGP Ingredients (NASDAQ:MGPI – Get Free Report) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $5.55-5.65 for the period, compared to the consensus earnings per share estimate of $5.57. The company issued revenue guidance of $695-705 million, compared to the consensus revenue estimate of $699.26 million.

MGP Ingredients Price Performance

MGPI stock traded down $2.52 during midday trading on Friday, hitting $45.52. The company’s stock had a trading volume of 1,024,184 shares, compared to its average volume of 564,700. The company has a quick ratio of 2.22, a current ratio of 6.46 and a debt-to-equity ratio of 0.31. MGP Ingredients has a 12 month low of $45.48 and a 12 month high of $102.42. The company has a 50 day moving average of $77.75 and a two-hundred day moving average of $78.41. The firm has a market capitalization of $1.00 billion, a price-to-earnings ratio of 9.46, a price-to-earnings-growth ratio of 0.78 and a beta of 0.66.

MGP Ingredients (NASDAQ:MGPI – Get Free Report) last released its quarterly earnings data on Thursday, October 31st. The company reported $1.29 EPS for the quarter, beating the consensus estimate of $1.27 by $0.02. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. The business had revenue of $161.50 million during the quarter, compared to the consensus estimate of $161.55 million. During the same quarter in the prior year, the firm earned $1.34 EPS. The business’s revenue was down 23.7% on a year-over-year basis. On average, analysts expect that MGP Ingredients will post 5.58 EPS for the current year.

MGP Ingredients Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $0.48 annualized dividend and a yield of 1.05%. MGP Ingredients’s dividend payout ratio (DPR) is currently 9.98%.

Analyst Ratings Changes

A number of brokerages have recently commented on MGPI. Loop Capital set a $75.00 target price on MGP Ingredients in a report on Friday, October 18th. Roth Mkm dropped their price objective on shares of MGP Ingredients from $92.00 to $88.00 and set a “buy” rating for the company in a research note on Friday, October 18th. Truist Financial reduced their target price on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a research note on Friday. Lake Street Capital cut shares of MGP Ingredients from a “buy” rating to a “hold” rating and dropped their price target for the stock from $135.00 to $75.00 in a research note on Friday, October 18th. Finally, StockNews.com raised shares of MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Friday. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $86.60.

Get Our Latest Stock Report on MGP Ingredients

Insider Buying and Selling at MGP Ingredients

In related news, Director Karen Seaberg sold 12,092 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $90.65, for a total value of $1,096,139.80. Following the completion of the transaction, the director now owns 54,542 shares of the company’s stock, valued at $4,944,232.30. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 36.20% of the company’s stock.

MGP Ingredients Company Profile

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